Deutsche Ups Amgen Rating

Analyst Jennifer Chao cites the stock's compelling valuation

Deutsche Bank upped Amgen (AMGN ) to buy from hold.

Analyst Jennifer Chao said her upgrade comes ahead of major near-term clinical milestones. She also cited the stock's compelling valuation based on its increased financial projections for 2006 through 2009, as a result of an improved outlook on the future of Aranesp for treating chronic renal failure, AMG 162, layered atop strong fundamentals. She raised her $80 price target to $102.

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